Tax rates are near historic lows. However, these rates are only the “temporary” Bush tax cuts that were implemented in 2001 and are scheduled to expire January 1, 2013. There is currently a stalemate in Washington over what to do. …
Articles
Real Estate in Your IRA
I haven’t discussed IRA real estate investments in a while. I have received a number of inquiries regarding these investments within the last few months. So, I have decided to revisit this topic and update the information for you. With …
Beneficiary Designations Unwise
If you are like 70% of Michiganders, you have no estate planning documents in place. But you might have attempted your own do-it-yourself mini estate plan through some sort of beneficiary designations. It could be a beneficiary you named on …
Elder Financial Abuse Is Not Always So Obvious
There has been an epidemic of elder financial abuse in our country. It is reported that the number of known cases of financial exploitation of the elderly in Michigan has quadrupled in the last decade. According to law enforcement officials, …
Quit Claim Deeds-Why You Should Not Use Them
You have probably heard it many times before from many people, from financial advisors and tax preparers to the register of deeds and even some attorneys, that all you need to do to transfer your property to your kids or …
Medicaid Estate Recovery in Michigan – One Year Later
It’s now been a year since Michigan has implemented its Medicaid estate recovery statute, which became effective July 1, 2011. Under the statute, if you have received Medicaid benefits during your lifetime, the state could seek reimbursement of those benefit …
Taking Care of Your Retirement Financial Health
With our current economic challenges, those of us looking forward to retirement need to be well-informed about our financial needs in coming years. And not only pre-retirees, but if you are already in retirement, you need to be wise to …
Be Careful With Vacation Car Rental Contracts
You have rented that perfect vacation rental car online. You were able to get a great deal for only $45 a day for unlimited mileage. You thought everything was all set. I did when my wife Emily and I went …
July Savvy Separate Trusts Offer More Benefits
For most of my married clients, I typically prepare separate trusts for each spouse instead of a joint trust for both spouses. I am occasionally asked why. The reason is very simple, it is what most of my clients want. …
Lump Sum Pension Payments
You are a retiree receiving a monthly pension. Your former employer has offered you a large sum of money to take instead of your monthly pension. It sure looks tempting. What should you do? Paying out monthly pensions as lump-sums …